STOCKHOLM -- Telenor ASA, Norway's largest telecommunications-service provider, said it would acquire the remaining shares of Hungary's Pannon GSM Rt. it doesn't already own for one billion euros in cash.

Telenor, whose original 26% interest in Pannon, Hungary's second-largest mobile-service operator, was the company's first international mobile-services venture, will acquire the remaining 74% from among its rivals. Telenor will pick up the shares from KPN NV of the Netherlands, Sonera Corp. of Finland and TeleDanmark...